PNB Form 1386: Nomination, Cancellation, and Variation..

PNB Form 1386: Nomination, Cancellation, and Variation for Deposits, Custody, and Lockers

PNB Form 1386: Nomination, Cancellation, and Variation for Deposits, Custody, and Lockers from Download

Based on the provided Punjab National Bank (PNB) Form 1386 document, here are the key essential points categorized for quick scanning:

Triple Action Utility: Covers Nomination, Cancellation of Nomination, and Variation of Nomination (pp. 1, 4).
Asset Coverage: Applies to Bank Deposits (SB/CA/FD/RD), Articles in Safe Custody, and Safety Lockers (p. 1).

Multi-Nominee Flexibility

Simultaneous Nomination: Up to four nominees can be named at the same time (p. 3).
Percentage Split: Requires explicitly defined share percentages across simultaneous nominees that must total 100% (p. 3).
Successive Nomination: Permits alternate nominees in a designated hierarchy (p. 3). A lower-order nominee only becomes active after the death of all higher-priority nominees (p. 5).

Locker/Custody Restriction: Asset distribution percentages (Column H) do not apply to locker contents or safe custody articles (pp. 2-3).
Minor Protection: If a nominee is a minor, the Date of Birth and Guardian Details are strictly mandatory (p. 2).
Legal Supersession: Submitting this form completely cancels and replaces any prior nomination instructions on record for the asset (pp. 2, 4).
Witness Mandate: Two witnesses must attest the form if the bank account holder is illiterate and signs using a thumb impression (p. 2).

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